HETEROGENEOUS CONSUMERS, SEGMENTED ASSET MARKETS AND THE REAL EFFECTS OF MONETARY POLICY

• 成果类型: Article
• 署名作者: Enders, Zeno
• 署名单位: Leibniz Association; Ifo Institut; Ruprecht Karls University Heidelberg
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/ueaa010
• 发表日期: 2020
• 页码: 1031-1056
• 关键词: nominal rigidities; wage rigidities; keynesian model; interest-rates; shocks; money; transactions; price; inflation; markups

摘要

This article proposes a novel mechanism by which changes in the distribution of money holdings have real aggregate effects. I develop a flexible-price model of segmented asset markets in which monetary policy influences the aggregate demand elasticity via heterogenous money holdings. Because varieties of consumption bundles are purchased sequentially, newly injected money disseminates slowly throughout the economy via second-round effects. The model predicts a short-term inflation-output trade-off, a liquidity effect, countercyclical markups, and pro-cyclical wages after monetary shocks. Among other correlations of financial variables, it also reproduces the empirical, negative relationship between changes in the money supply and markups.